Gold IRA Minimums - My Experience (and a bit on fees)
- •Okay, so I've been seeing a lot of chatter lately about people starting Gold IRAs, and a recurring question is about minimum investments.
- •Figured I'd share my experience since I just got one set up a few months ago.
- •I rolled over about $75k from an old 403(b) I had sitting around into a Precious Metals IRA.
Okay, so I've been seeing a lot of chatter lately about people starting Gold IRAs, and a recurring question is about minimum investments. Figured I'd share my experience since I just got one set up a few months ago.
I rolled over about $75k from an old 403(b) I had sitting around into a Precious Metals IRA. I'm a government employee here in Albuquerque, and while the pension is nice, I wanted something tangible to supplement it, especially with all the talk of inflation. My first thought was that I'd need way more cash to even get started, but honestly, the minimums weren't as crazy high as I anticipated. The firm I went with (won't name them here, don't want to shill) wanted a $25k minimum for a direct rollover. I know some out there are lower, maybe $10k or $15k, but they also seemed to have higher fees, which is what I was trying to avoid.
Speaking of fees, that's another thing to really dig into. Beyond the initial setup, you've got annual maintenance fees, storage fees (depending on if you go commingled or segregated storage), and transaction fees for buying and selling. It's not like a regular brokerage where you're paying practically nothing these days. For my $75k, I'm looking at around $250-$300 a year for everything, including segregated storage for my gold and some silver rounds. It felt a bit steep at first, but for the peace of mind of having physical assets, I decided it was worth it.
Anyone else in a similar boat, maybe with a smaller portfolio? What kind of minimums did you encounter and what are your thoughts on the fee structures? I'm curious if I landed on a decent deal or if there's something I overlooked. Just trying to make sure I'm making smart moves for my retirement here in NM.